Estimated Closing Costs
Each company providing a service in connection with your loan has their own fees which, according to federal regulations issued by the Department of Housing and Urban Development (HUD), must be broken down and itemized. The list below is meant to give you an idea of what these charges might be, it is NOT intended to be a legal disclosure, which you'll receive by email shortly after applying for a loan with us.
HUD publishes a booklet called Settlement Costs, which defines these fees. You may view or download Settlement Costs now in PDF format. You may also view or download the Consumer Handbook of Adjustable Rate Mortgages (CHARM). This estimate is based on a 30 year fixed refinance first mortgage on a single family residence, with a loan amount of $100,000 in the state of New York.
Reminder: Fees vary from state to state, certain fees may or may not pertain to your particular loan or state.
The Mortgage Shop Fees
These fees are determined by the
loan product you choose,
and are paid to
The Mortgage Shop.
Third Party Fees
These fees are for
services rendered.
Please note that we
require the borrower to
pay for the appraisal
up-front directly to the
appraisal company. |
| HUD# |
The Mortgage Shop &
Third Party Fees |
| 801 |
Loan Origination
@ 1.00% |
$1,000 |
| 802 |
Loan Discount |
$0 |
| 803 |
Appraisal Fee |
$300 |
| 804 |
Credit Report |
$0 |
| 808 |
Underwriting |
$425 |
| 809 |
Application Fee |
$0 |
| 810 |
Document
Preparation |
$350 |
| 811 |
Processing Fee |
$375 |
|
| |
|
| |
| HUD# |
Lender
Prepaid Items |
| 901 |
Interest from
to per day |
$ |
| 903 |
Hazard Insurance
Premium |
$ |
| 904 |
Flood Insurance
Premium |
$ |
|
| |
|
Title Company or Attorney Fees
The Mortgage Shop continuously seeks out those service providers who can provide the best service and rates. Since these fees are determined by the company used,we can only provide estimates at this time. |
| HUD# |
Title Company or Attorney Fees |
| 1101 |
Closing Fee |
$650 |
| 1102 |
Abstract or Title Search |
$250 |
| 1103 |
Title Examination |
$175 |
| 1107 |
Attorney Fee |
$ |
| 1108 |
Title Insurance |
$700 |
| 1109 |
Lenders Coverage |
$ |
| 1110 |
Owners Coverage |
$ |
|
| |
|
Government fees
These fees are set by government
authorities and will apply for any loan chosen. |
| HUD# |
Government Fees |
| 1201 |
Recording Fees |
$150 |
| 1202 |
City/County Tax/Stamps: 1.75% (NYC Only) |
$1,750 |
| 1203 |
State tax/Stamps Deed: 0.75% (All NY counties except NYC) |
$750 |
| 1303 |
Tax Service Fee |
$0 |
| |
Estimated Closing Costs |
$6,125 (NYC) $5,125 (Other) |
|
|
